HUBC Group Pays Out PKR 59 Billion In FY26 As Thar Plants Join Dividend Cycle.
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✧ GENERATE BRIEFING
The Hub Power Company Limited (HUBC) and its consolidated group entities demonstrated strong cash-generation capabilities in FY26, with underlying subsidiaries, associates, and joint ventures declaring approximately PKR 59 billion in stake-adjusted dividends. Following the expiration of the original Hub plant's Power Purchase Agreement (PPA) in late 2024, the group's financial health is now anchored by its newer coal, mine-mouth, and hydel assets.The China Power Hub Generation Company (CPHGC) remained the dominant cash engine, contributing PKR 36.2 billion on a stake-adjusted basis. Meanwhile, the Thar portfolio transitioned from construction to cash generation following the formal project completion of Thar Energy Limited (TEL) and ThalNova Power Thar (TNPTL) in October 2025, yielding PKR 10.8 billion and PKR 4.9 billion in maiden dividends, respectively. Additional support came from Laraib Energy (PKR 3.5 billion), Sindh Engro Coal Mining Company (PKR 2.6 billion), Hub Power Services (PKR 750 million), and Prime International Oil & Gas (PKR 240 million).
Hub Power Company’s listed parent no longer lives off the old Hub plant. That PPA ended in late 2024. What still matters is cash coming up from subsidiaries, associates, and joint ventures.
Stake-adjusted dividends declared by those entities reached about PKR 59 billion in FY26. The number is not the same as HUBC’s own DPS. It is the group’s share of cash that the underlying businesses said they would pay.
The mix tells the real story. Power remains the core. Mining and a small oil-and-gas cheque now sit beside it. Two names still show a dash: Narowal Energy and Mega Motor Company.
CPHGC Still Carries Most Of The Weight
China Power Hub Generation Company was the clear leader. Stake-adjusted payouts came to PKR 36.2 billion. Most of that landed in the first quarter, with another large cheque in the second.
That 1,320 MW imported-coal plant has been the group’s biggest cash engine for years. Availability under the PPA stayed intact. For HUBC, CPHGC is still the cheque that funds a lot of the parent’s own payout.
Thar Plants Finally Join The Dividend Cycle
Thar Energy Limited declared PKR 10.8 billion on a stake-adjusted basis. Almost all of it came in the third quarter. ThalNova Power Thar added PKR 4.9 billion in the second quarter.
Both 330 MW mine-mouth plants hit project completion in October 2025. Maiden dividends followed. That was the year the Thar story stopped being only about construction and started sending cash upstairs.
Laraib Energy, the 84 MW hydel plant, contributed PKR 3.5 billion. Sindh Engro Coal Mining Company paid PKR 2.6 billion. Hub Power Services added PKR 750 million. Prime International Oil & Gas sent a modest PKR 240 million.
Why The Parent Still Needs These Cheques
On a standalone basis, HUBC’s dividend income and share of profit nearly doubled. That is how the company kept a PKR 20 per share full-year dividend after losing Hub plant revenue.
Cash from CPHGC, TEL, and TNPTL now does the heavy lifting. LEL and SECMC add a steadier, smaller layer. Mega Motors and Narowal did not declare a dividend in this compilation.
Investors should treat the PKR 59 billion as a map of where cash is being generated, not as money already sitting in every shareholder’s account. Timing, withholding, and how funds move through Hub Power Holdings still matter.
The FY26 table is simple. The old base plant is gone. The newer plants and the coal mine are starting to pay. That is the group HUBC is becoming.
